The price of vehicles imported from Japan has increased due to the new method of assessing the value of vehicles imported to this country introduced by the Finance Ministry.

The Vehicle Importers’ Association said that the prices of certain vehicles imported from Japan would increase by amounts between Rs6 to 700k.

On 22nd last month, by a special gazette, the Finance Ministry introduced a new method of assessing the value of vehicles imported to this country.

According to this notification when importing a vehicle to this country money will be levied for the relevant vehicle from the importer by assessing the price of vehicles based on the highest price of the category to which the vehicle belongs.

Japanese motor cars such as Toyota Aqua will go up by Rs700 thousand to 800 thousand, Prius by Rs1.2 million, and Toyota Premio by Rs1 million due to new Custom duties.